Higher or lower? Read the following scenarios and decide if each entrepreneur should raise or lower prices. What basic element of setting optimum prices should they react to?
- Portia had projected selling 1000 bottles of her organic bubble bath in the first quarter. She had only sold 800 bottles though by the end of the quarter.
- Most customers found Jacquelyn’s customer service just okay and her hours of operating inconvenient.
- Verna’s marketing research showed the local coffee shops sold their coffee 25% above her price.
- Margaret intended that her one of a kind quilts be considered collector’s items.
- Mary Louise’s customers like the prestige of owning clothing once owned by movie stars and other famous people.
- Neil is worried; Toys “R” Us has announced that they will be building a store less than a mile from his toy shop.
- Pam was interested in selling as many World Series Champion T-Shirts as she could before the next baseball season.
- Terry had trouble keeping up with orders for his new lawn care service.
